The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. TUESDAY, OCTOBER 4, 1881.

Thames Star, Volume XII, Issue 3983, 4 October 1881, Page 2

The Evening Star. PUBLISHED DAILY AT FOUR P.M. Resurrexi. TUESDAY, OCTOBER 4, 1881.

The last attempt to get up a panic among the holders of mining: scrip in claims on the flat, by starting the rumor that the Big Pump was going to stop, has only, we imagine, partially succeeded; for, although the market was liberally supplied' with shares for a day or so before the last meeting of the Pumping Associa tion, and since Friday last, but few shares changed hands. The game has been played so often, that outsiders are not so easily frightened as they once were. The meeting of the Association determined today to continue pumping operations. We never imagined any other result, for too many of the Auckland men are interested in having the Southern Cross Company floated on the London market to allow such a blow to be given the undertaking as the rumored stoppage of pumping operations would Lave been were it reported in England. What is most desirable in the interests of the field is that some scheme should be adapted which would give an assurance that pumping operations would be continuous for at least a fixed term. Having every now and then rumors of the contemplated cessation of pumping has a most damaging effect upon mining operations, calculated to prevent the directors of mines from undertaking extensive works at low levels, and creating a degree of uneasiness and uncertainty in the minds pf speculators and holders of mining scrip* which is most damaging to the prosperity of the goldfield. In order in some measure to secure this desideratum, a suggestion has been made by Mr Dunlop, the ■manager of the New Golden Crown^ which in part meets the case. He recom. mends that the directors of all the companies interested in the coutiiiuance of pumping operations should meet and determine to make a call upon the shareholders sufficient to meet the cost of pumping expenses for at least 12 months. The amount would be very little on each shareholder, and he thinks none would refuse to pay it. He would take the sums dlreadly contributed by the several cor• panics as tbe basis for the calculation, and accepting his idea we find upon working it out that the shareholders of each company would be calied upon to pay the following sums: —The Moanatairi at present contributes £70 per month, and a call of one shilling and three pence upon the capital of the company would pay the sum required for 12 months. The Kurauui pays £60 per month, and a sixpenny call would give the sum required; a call of seven pence would pay £&6 per month for the Caledonian 5 oue shilling aud sixpence would be required from the Waiotahi, eightpence from the Golden Crown, aud so on in proportion to the amount at present contributed, aud the number of shares in the company; the amount of the calls to be placed to a separate account and paid away in sums as required to tbe Pumping Association. We are inclined to think that few shareholders would be found objecting to pay the small sun?s mentioned, while the fact that pumping operations were guaranteed for a fixed term would be sure to ha»e the best effect, and would probably increase the value of the scrip in a much greater I proportion th»n the amount of the extra call levied for drainage purposes. The idea is worth consideration by the directors | and shareholders of companies.